Opec+ Sees 2021 Oil Deficit, 2022 Surplus

In this interview with Yousef Gamal El-Din from Bloomberg, Christof Rühl, member of the Advisory Board of Crystol Energy and a Senior Fellow at the Center on Global Energy Policy at Columbia University, discusses oil prices, OPEC+’s 1st September meeting and the medium-term outlook.

Christof Rühl discusses oil prices, OPEC+'s 1st September meeting and the medium-term outlook with Yousef Gamal El-Din from Bloomberg

Christof comments on the market’s expectations that OPEC+ would stick to their existing plan for gradual monthly oil-production increases of 400,000 barrels per day, stressing that the group has managed to maintain the internal cohesion extremely well since April 2020, while if there was any friction at all, that would be between OPEC and the ‘+’.

He also discusses oil prices and explains why he is not on board with the current bullish calls, stating that oil markets are driven by fundamentals, and at the moment there is an oversupplied market.  

Christof further discussed US shale production and the impact of the hurricane Ida on the market.

Related Comments

Global oil markets feel the impact of Hurricane Ida“, Dr Carole Nakhle, Aug 2021

US to sell part of its Strategic Petroleum Reserve“, Dr Carole Nakhle, Aug 2021

Global Economy and Energy Markets Weekly Commentary – 29th Aug ’21“, Christof Rühl,  Aug 2021

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